This came during the first session of Egypt Petroleum Show (EGYPS 2018).

The minister underlined the importance of the conference in exploring promising opportunities in the petroleum market and increasing cooperation with world companies.

He described the foreign partners as “key to success,” adding that he is sending them a message that stresses the government’s keenness on reform as well as avoiding all sorts of bureaucracy.

He also reiterated the government's commitment to paying all dues of foreign companies operating in Egypt and providing an investment-magnet atmosphere to lure more investments in the energy market

The minister said a number of initiatives will be launched during the conference as part of efforts to develop the oil sector.

Minister of Petroleum of Venezuela Manuel Salvador Quevedo Fernandez said his country’s participation in the conference comes within reviewing a futuristic vision of petroleum and gas production.

Meanwhile, Algeria's Energy Minister Mustapha Guitouni noted the importance of reviewing laws regulating energy in Africa. He called for amending these laws to attract foreign investors to work in the African countries.

While South African Energy Minister David Mahlobo said that Africa is full of attractive investment opportunities, adding that his country is participating in the conference to discuss means of fostering ties with the participating countries.

The conference is currently held at Egypt International Exhibition Center (EIEC) in New Cairo City. A number of energy and petroleum ministers as well as heads of foreign companies are participating in the conference. Also, 150 experts from 400 domestic and foreign companies will attend about 40 technical sessions on the sidelines of the conference.